Stockholm arbitration court to continue BP-Rosneft case examination

LONDON, April 7 (Itar-Tass) --The Stockholm arbitration court will
continue examining the BP-Rosneft share swap case.
The consortium of shareholders, AAR, which owns the Russian company
TNK-BP on a parity basis with BP, is against the swap.
It is not clear yet when the Stockholm arbitration court may deliver
its verdict in the case.
On March 25, Russian Vice Prime Minister Igor Sechin said the
Stockholm arbitration court had extended the temporary ban on the
BP-Rosneft deal till April 7, 2011.
Rosneft and BP have made several agreements on strategic cooperation,
on joint exploration of hydrocarbon reserves in the Russian sector of the
Arctic and on a swap of shares worth about eight billion U.S. dollars on
each side. The agreements were expected to be finalised on April 14 when
BP shareholders are to hold their annual meeting.
On March 24, the Stockholm arbitration court upheld an earlier British
court ruling that put the deal between BP and Rosneft on hold following
objections from the Russian shareholders of TNK-BP. One half of this
company's capital is owned by BP and the other half belongs to AAR (Alfa
Group, Access Industries, and Renova Group of Companies).
AAR said the partnership between BP and Rosneft was against the
shareholders' agreement between the British company and the Russian
partners. Under the agreement, BP and AAR can participate in new projects
in Russia and Ukraine only through TNK-BP, unless the other party has
refused to participate in such projects.